Republic of Korea: Pump For Liquid Market 2024

Pump For Liquid Market Size in Republic of Korea

The South Korean pump for liquid market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Pump For Liquid Production in Republic of Korea

In value terms, pump for liquid production fell modestly to $X in 2021 estimated in export price. Overall, production enjoyed a modest increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 84%. Pump for liquid production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Pump For Liquid Exports

Exports from Republic of Korea

In 2021, after four years of decline, there was significant growth in overseas shipments of pumps for liquids and liquid elevators, when their volume increased by 5.7% to X units. Overall, exports, however, showed a mild shrinkage. The growth pace was the most rapid in 2014 when exports increased by 14% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, pump for liquid exports surged to $X in 2021. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), China (X units) and Slovakia (X units) were the main destinations of pump for liquid exports from South Korea, together comprising 47% of total exports. These countries were followed by the United Arab Emirates, Brazil, Mexico, Germany, the UK, Japan, the Czech Republic, Thailand, Turkey and Uzbekistan, which together accounted for a further 35%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +14.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pump for liquid exported from South Korea were the United States ($X), China ($X) and Slovakia ($X), with a combined 49% share of total exports. These countries were followed by Mexico, the United Arab Emirates, Japan, the UK, Thailand, Brazil, Uzbekistan, Germany, the Czech Republic and Turkey, which together accounted for a further 21%.

Uzbekistan, with a CAGR of +17.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average pump for liquid export price stood at $X per unit in 2021, jumping by 19% against the previous year. Over the period under review, export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pump for liquid export price increased by +70.8% against 2017 indices. The growth pace was the most rapid in 2020 when the average export price increased by 39%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Pump For Liquid Imports

Imports into Republic of Korea

In 2021, supplies from abroad of pumps for liquids and liquid elevators increased by 27% to X units, rising for the fourth consecutive year after three years of decline. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +123.9% against 2017 indices. The growth pace was the most rapid in 2019 with an increase of 33% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, pump for liquid imports surged to $X in 2021. Over the period under review, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest pump for liquid supplier to South Korea, with a 78% share of total imports. Moreover, pump for liquid imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was taken by the Czech Republic (X units), with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +35.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.7% per year) and the Czech Republic (+25.8% per year).

In value terms, the largest pump for liquid suppliers to South Korea were China ($X), Japan ($X) and Germany ($X), together comprising 46% of total imports. These countries were followed by the Czech Republic, the United States, Norway, Romania and Taiwan (Chinese), which together accounted for a further 26%.

In terms of the main suppliers, the Czech Republic, with a CAGR of +37.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average pump for liquid import price amounted to $X per unit, rising by 23% against the previous year. Overall, the import price, however, showed a abrupt setback. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+24.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform